LOWELL, Mass., Sept. 26, 2016 (GLOBE NEWSWIRE) -- Podium Data, Inc., the maker of an enterprise-ready data lake management platform, has received $9.5 million in Series A financing from a syndicate of investors led by Malibu Ventures. In addition, Steve Fink, CEO of Malibu Ventures, has been named to the board of directors for Podium Data.
“Big data is one of those once-in-a-generation technologies that is transforming how we do business, work and live,” said Fink. “The team at Podium has taken big data from theoretical hype to production reality in Fortune 500 companies who are deriving real value and ROI from their implementation of an enterprise data lake,” he said. “We invested in a team of seasoned, serious, and dedicated IT pros who are fiercely focused on delivering great products to their customers and seizing on the massive market opportunity that smart, effective use of big data represents.”
Podium Data provides a data lake management software platform that enables businesses to rapidly consolidate all their data—including legacy files and massive digital data—onto Hadoop-based data lakes. With Podium Data software, business users have secure, self-service access to their data that accelerates time-to-answer from months to minutes while lowering data management costs by 50 percent or more. Podium provides traditional businesses the power and economics of Hadoop without requiring specialized technical skills or lengthy custom development.
By using Podium to improve how enterprise data is delivered to business users, Podium’s customers are transforming their business and deriving significant ROI, typically within weeks of choosing Podium.
“Data is our fastest growing asset, however due to increasing cost, not all generated data has been efficiently utilized to create customer insight at our bank. It was time to start leveraging what we had. It was time to shift to value creation. We are using Podium to reinvent IT and our business.”
- Mok Choe, Senior Vice President & Chief Architect, TD Bank
“At CIGNA, we are building an enterprise data lake as a next generation data management platform that will allow us to exponentially expand data delivery to the business. Nothing is more important to us than ensuring the security of data in the lake and we place a huge premium on those data lake technologies (like Podium) that are both committed and capable of delivering truly hardened enterprise ready security measures.”
-Don Gray, Head of Enterprise Data Management, CIGNA
Podium Data will use the funds to scale sales, marketing, and business development while also expanding product development. In addition to Malibu Ventures, investors participating in this round include: Nate Davis, former CEO of several technology firms (XM Satellite Radio and K12, Inc.); David Dolby (Dolby Family Ventures); Jeremy Milken; David Roux; Bob Schechter and Andrew and Alex Tisch.
“It’s very gratifying that only 18 months after launching our product, our customers—including Cigna, TD Bank, Sun Life Financial, Astellas Pharmaceutical, and Citizens Bank—are fully deployed on our platform and are experiencing the impact of improved enterprise data management on business agility, IT cost savings, and speed to insight,” said Paul Barth, CEO of Podium Data. “This investment is going to enable us to bring Podium’s advanced capabilities to a broader market and continue product innovations that further simplify access to data and analytics across business functions.”
A Q3 2016 report from analyst firm Research and Markets reported that the market for data lakes is expected to reach a value of $8.81 billion by 2021, growing at a CAGR of 28.3% during the forecast period 2016-2021. (Research and Markets - Global Data Lakes Market Value of USD 8.81 Billion by 2021 - Trends, Technologies & Opportunities Report 2016-2021).
Podium Data was founded in 2014 by IT industry veterans with decades of expertise in delivering enterprise-scale IT products and solutions. The executive management team has worked on behalf of Fortune 100 companies in areas including data warehousing, advance high-performance computing, systems integrations, business intelligence, database systems, sales, and marketing.
About Podium Data Inc.
Podium Data is redefining enterprise data management with its practical, high performance data lake management platform. Headquartered in Lowell, Massachusetts, Podium’s seasoned team of entrepreneurs has deep expertise in analytics, big data, and enterprise data management. A growing number of Fortune 500 companies use Podium to accelerate delivery of data to business users through a variety of enterprise-scale data lake, extraction/transformation/ load migration, and analytic projects. More information is available at www.podiumdata.com and on Twitter at @PodiumData.
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Source:Podium Data, Inc.